Ten questions to ask yourself, on a pile of gold.
This post is for my fellow trader, who had a long trip from farming / dailies struggle on our earning to the level of income that sole trading (or “milking the Moron” by Gevlon) can yield more than enough…
It’s a good point to review your gold making scheme
Not more delay, presenting my “Ten questions to ask yourself, on a pile of gold.” (and answers of mine as well)
- How long did you spend on making gold every week?
- How much you earn a week ?
- Do you really need that much ?
- Where are you going to spend your extras ?
- Is there anyway can increase the amount you can get ?
- Is there anyway can decrease the time you need ?
- Will the method you are currently gather gold be obsolete soon ?
- What’s the last time you get a new method for profiting ?
- Is it fun at all ?
- Planning to share what you had learnt ?
A quick review on how much time you spend, how much you earn, and how much you really need. The current state and future, and most importantly, is it fun for you? it’s a game after all…
Answers of mine:
- 30mins a night for relisting, another 2 hours for crafting and milling, I would said 5.5 hour/week
- 2-4k now, more than I ever need
- No…
, I don’t need that much gold for now, but later? Maybe, at least for me and girlfriend leveling, and occasionally I can buy her something special. - Was planning to stockpile it for the moment and buy BOE when my Shaman get to 80
- Yes, I am currently leveling an alt for fun and profit (aimed at 50lv), for the netherweave bags and disenchanting business.
- Am teaching others to make gold, for the business I left over. And one of my buddies is return after his exam, guess I can co-trade with him for some business. (Especially the LFB in trade channel, since I don’t have so much time to stay at city anyway)
- I am selling glyphs, pets… glyph may obsolete soon (I always prepared for the worst), but I guess pets will stay. Also into the new business as I mentioned on Q5
- Last week ?
- Kinda boring now, that’s why I kept looking into new way of making gold
- That’s what I am doing here for months…
P.s This is the 105th day that I started to gather gold, I did learn a lot from it. From market pattern, human behaviors, profession etc…
For the record, I started my trading at 1kg stocks, with a lot of left over of green leveling items, and I had 26kg now with a GrandMaster scribe and a Netherweave bag crafting Alt, I may goes into Jewel Crafting later, if the market settled down, for my newly leveling shaman.
My gold/day on trading raise from 50g/day to 2-400g/day (and I don’t farm nor do dailies, I value my playing hour a lot). I spent on everything I need from the fund e.g. dual spec, mounts etc… I didn’t buy much vanity though(But I did sold a lot 
), Since The money can always put into better use.
I am kinda full of the money making game now, So I am working on new way of gold making, more on human behavior observing and reasoning from now on…
Tags: Pearls of Traders, Thoughts, Wow Econ Research Project
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August 3rd, 2009 at 3:49 pm
1. How long did you spend on making gold every week?
the last month not even an Hour a week, just enough to keep my 10K i have.
Right now going to start with 5-6h again
2. How much you earn a week ?
main banker had about 10K a week, trying to do the same with my new scheme i’m setting up
3. Do you really need that much ?
Probably yeah, I’m Seth and I am an altaholic
4. Where are you going to spend your extras ?
ALTS, Raiding, GF, GUILD etc
5. Is there anyway can increase the amount you can get ?
I know some ways yupz, need to have confirmation though
6. Is there anyway can decrease the time you need ?
yes, I have to stop doing full scans…I’m addicted to them.
7. Will the method you are currently gather gold be obsolete soon ?
Not really, gems are always needed, so are armorkits.
8. What’s the last time you get a new method for profiting ?
2days ago when Ari’s jc went to 425ish
9. Is it fun at all ?
It wasn’t, now it is again
10. Planning to share what you had learnt ?
Already doing so, my GF,is up to 8K gold right now (which is much since she doesnt have a char higher then 50.) and Teaching some Guildies (Zéntrix is going to be my first real apprentice beside my gf though)
August 4th, 2009 at 2:43 pm
I am Zekta and I am an altaholic as well.
I don’t gear them up for raid, so that’s why I am fine, I guess…
Full scan is not useful, unless there are heavy price war on going (and u had 5000 ally player, I guess there aren’t much)
Well, I was planning to write this post for our fellows and myself to stop and check our status. But surprisingly had some really interesting respond
I wasn’t making much by comparison
(May be cause I didn’t dominate the market and playing too safe…)
August 4th, 2009 at 4:36 am
1. I spend 4-5 hours in the AH a week, and about 2 hours analyzing data.
2. I make 8-12k profit a week.
3. I spend about 350g a week so the answer should be obvious.
4. I don’t spend my extra gold. I had over 250k when WotLK was released and now I have … more.
5. Spending more time in the AH would net me more gold.
6. I could further automate some tasks, especially the analysis part.
7. The techinques I use were tested in several markets over the past 4 1/2 years. I doubt they will ever become obsolete but the items traded are likely to change every so often.
8. I used more or less the same techniques I have been using for 4 1/2 years; I simply apply them to different markets. So, the most recent technique I used for the first time was *a long time ago*, and the most recent market I enterred was a week ago.
9. Are my techniques fun to apply? Most gold-making techniques which apply to the AH require discipline and repetitions and mine are no different. I like making gold and analyzing new markets. My wife tried some of these techniques and was bored after 3 days. YMMV.
10. Specialize into a few narrow markets until you understand them well. Create a spreadsheet or database to track your costs if you plan to transform mats into goods you will sell into the AH. Try to enter a business agreement with suppliers if you will manufacture on a large scale. Ignore everyone who says you are destroying the market and could make more profit if you maintained the established price.
August 4th, 2009 at 2:47 pm
The godl amount you made is very decent by comparison to the time you played… (I guess I still had much to learn)
I didn’t spend much of my gold either, since I hardly find anything worth spending…
The ninth and tenth point is really golden to me, I guess I’ll need to spend more time on anlysis the data I’ve got…
Thanks for that mate
August 4th, 2009 at 9:03 pm
on point 10:
use market watcher: ingame addon that tracks the price on any given time you want.
(its a real memory hog though)
August 6th, 2009 at 3:06 pm
I am using the market watcher as well, and had too many item added at the moment…
What I really want is an enchanced beancounter thought…
Take care, mate ;(
August 16th, 2009 at 8:37 am
1. How long did you spend on making gold every week? 10 hours a week, on average
2. How much you earn a week ? 5k+ alliance, 3k+ horde
3. Do you really need that much ? Horde yes, alliance not really.
4. Where are you going to spend your extras ? Alliance: Investments; Horde: Alts.
5. Is there anyway can increase the amount you can get ? I’m sure there is, but not without serious market research.
6. Is there anyway can decrease the time you need ? Probably can cut mailbox clearing sessions down to 2 a day.
7. Will the method you are currently gather gold be obsolete soon ? No. The items will change, the tactics not.
8. What’s the last time you get a new method for profiting ? Four months ago
9. Is it fun at all ? It is fun seeing Auditor show 4 digit gains on the session on two different markets.
10. Planning to share what you had learnt ? Most of what I know is freely available from other successful goblins.
What I’ve learned? Find a good solid market and stay with it, good days or bad. The market I found was purely by accident, the addons I use to support it have vastly improved over the years (significantly decreasing time spent processing the data and expanding my market) and it funded my very first epic flying mount BEFORE my first toon hit 70.
Oh and I found this post via WoW Economics. Excellent stuff here.
August 17th, 2009 at 3:36 pm
Thanks for your comments,
it’s always a pleasure to see fellow trader drop by
and learnt quite a lot from you guys comment…
November 3rd, 2009 at 8:43 pm
Amazing article, its true, im sure that you have really really true…